[London, August 2025] Axco Insurance Information Services (Axco) has released the latest publication of its non-life insurance market report for Italy, which provides a comprehensive analysis of the country’s non-life (P&C) insurance market. The report offers exclusive insights, new statistics, and on-the-ground research into the sector's evolving landscape.
With Italy’s non-life insurance market going through a transformative period in regards to natural catastrophe cover, this report identifies critical trends, emerging opportunities, and challenges shaping the industry's future. Key findings include:
Regulatory Landscape: To promote greater natural perils coverage amongst corporate buyers, the Budget Law for 2024 introduced a requirement for companies to take out an insurance policy covering buildings, plant and machinery against earthquake, flood, landslide, inundation and overflow. This is being gradually introduced during 2025, with a deadline for large companies of 31st of March 2025, medium-sized companies on the 1st of October 2025 and for small and micro-businesses from the 1st of January 2026.
Market Growth & Premium Trends: This new regulation is expected to increase non-life premium income by up to 8.5% in 2025 and fire and natural perils premium by 25%. Once all companies are insured, the overall exposure is estimated to be EUR 2.20trn (USD 2.29trn), with annual claims averaging EUR 1.2bn (USD 1.25bn) and EUR 12bn (USD 12.49bn) once every two hundred years. Around EUR 2bn (USD 2.08bn) in new premiums are expected.
Distribution Channels: Analysis by the insurance association ANIA of non-life distribution channels in 2024 showed that about 78% of premiums were placed through agents, about 10% through brokers and about 9.5% bancassurance.
According to the brokers' association AIBA, however, brokers accounted for about 40% of non-life business (2023 figures), This takes into account the significant volume of business placed by brokers through company insurance agents, which is regarded as agency-generated business: AIBA therefore suggests agents accounted for about 47% of non-life business in that year. As nearly 43% of non-life premium is in respect of motor business where brokers have less involvement than agents, brokers' market share is far higher in the non-motor sector.
Market Participants: According to ANIA, at 31 December 2024, there were 85 national insurers (including two reinsurers) and four non-EU companies; 92 companies (including seven reinsurers) were branch offices operating under EU freedom of establishment (FOE) provisions. Over a hundred write only non-life business, with about 20 composite companies writing both life and non-life business. The major insurance groups in terms of domestic non-life business were Unipol, Generali and Allianz, respectively.
Axco’s Italy non-life report draws on extensive primary and secondary research, is an essential resource for insurance professionals seeking to stay ahead in the Italian insurance market. Visit https://www.axcoinfo.com/products/insurance-market-reports-non-life/ for more details and report contents.
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